Sunday 04 December 2022

Second-hand car prices reach record high in shrinking market

Second hand car prices have risen sharply to reach a new record, car sales platform Autoscout24 has said.

In October the average used car sold for an average of €24,428, up 16 percent compared to the same month the year before.

Dwindling availability is pushing up prices, causing sales to plummet by14%, recent figures from car industry body Bovag showed. Some 92,500 used cars were sold in October, the lowest number since 2014.

The sale of second-hand cars exploded during the pandemic, when public transport was restricted. Small cars, like the Volkswagen Golf and Volkswagen Polo, are most in demand, followed by the Audi A3 and Audi A4.

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